BEIJING, Nov. 3 (UPI) -- Wal-Mart plans to open 18 new stores in China by the end of next year, as new rules permit foreign retailers to expand into smaller inland cities.
On Dec. 11 China will relax restrictions on the number of outlets foreign retailers can operate and in what cities.
The U.S. retail giant opened its 40th store in China this week, in Wuhan in the central province of Hubei, the South China Morning Post reported Wednesday. Wal-Mart has invested some $190 million in its China businesses, and has paid more than $120 million in taxes, the report said.
Last year, Wal-Mart bought $15 billion of goods in China, a 25 percent increase over the $12 billion it purchased in 2002.
China General Chamber of Commerce figures show that Wal-Mart has been losing money in China since it arrived in 1996, with losses of about $4.8 million last year.
The company's main foreign rival in China, Carrefour of France, is believed to be profitable. Wal-Mart expects to break even this year.
